Treace Medical Concepts (NASDAQ:TMCI) Shares Gap Up – Time to Buy?

Treace Medical Concepts, Inc. (NASDAQ:TMCI) shares gapped up before the market opened on Wednesday . The stock had previously closed at $8.84, but opened at $9.36. Treace Medical Concepts shares last traded at $9.39, with a volume of 74,510 shares traded.

Analysts Set New Price Targets

TMCI has been the topic of a number of research reports. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $8.00 price target on shares of Treace Medical Concepts in a research note on Tuesday, December 17th. Lake Street Capital began coverage on shares of Treace Medical Concepts in a research report on Tuesday, December 31st. They issued a “buy” rating and a $14.50 target price for the company. BTIG Research upgraded shares of Treace Medical Concepts from a “neutral” rating to a “buy” rating and set a $16.00 price target on the stock in a research report on Tuesday, February 4th. Finally, Truist Financial increased their price objective on shares of Treace Medical Concepts from $8.40 to $10.00 and gave the company a “hold” rating in a report on Monday. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $10.21.

Treace Medical Concepts Stock Down 4.5 %

The firm’s fifty day simple moving average is $9.06 and its two-hundred day simple moving average is $7.31. The company has a current ratio of 4.12, a quick ratio of 2.98 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $546.04 million, a price-to-earnings ratio of -8.81 and a beta of 0.77.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. FMR LLC increased its stake in Treace Medical Concepts by 228.5% during the third quarter. FMR LLC now owns 78,135 shares of the company’s stock worth $453,000 after acquiring an additional 54,353 shares during the last quarter. HighTower Advisors LLC acquired a new stake in shares of Treace Medical Concepts during the 3rd quarter worth about $58,000. Barclays PLC raised its holdings in Treace Medical Concepts by 352.2% in the 3rd quarter. Barclays PLC now owns 79,696 shares of the company’s stock valued at $460,000 after buying an additional 62,073 shares during the period. Franklin Resources Inc. acquired a new position in Treace Medical Concepts in the third quarter valued at about $212,000. Finally, JPMorgan Chase & Co. lifted its position in Treace Medical Concepts by 215.1% in the third quarter. JPMorgan Chase & Co. now owns 1,262,235 shares of the company’s stock valued at $7,321,000 after buying an additional 861,689 shares during the last quarter. 84.08% of the stock is currently owned by institutional investors and hedge funds.

Treace Medical Concepts Company Profile

Treace Medical Concepts, Inc, a medical technology company, designs, manufactures, and markets medical devices in the United States. The company offers Lapiplasty 3D bunion correction system that combines instruments, implants, and surgical methods designed to surgically correct three planes of the bunion deformity.